Description

BSE announces addition of 2 new securities to ESM framework and movement of 5 securities to higher ESM stages, effective December 2, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) Framework effective December 2, 2025. Two new securities are being added to the ESM framework: Gilada Finance & Investments Ltd and South West Pinnacle Exploration Ltd. Additionally, five securities will be moved to higher ESM stages: Bansisons Tea Industries Ltd, Gujarat Raffia Industries Ltd, Sarup Industries Ltd, Sizemasters Technology Ltd, and Typhoon Financial Services Ltd. No securities are being moved to lower ESM stages or removed from the framework at this time.

Key Points

  • 2 securities newly shortlisted for ESM Framework (Stage I)
  • 5 securities moved to higher ESM stages due to continued surveillance concerns
  • No securities moved to lower ESM stages
  • No securities removed from ESM Framework
  • Changes effective from December 2, 2025
  • Comprehensive consolidated list provided showing all securities under ESM with their respective stages

Regulatory Changes

The ESM Framework applies additional surveillance measures to securities that exhibit abnormal price movements or trading patterns. Securities under ESM are subject to:

  • Additional disclosure requirements
  • Possible trading restrictions (price bands, order limits)
  • Enhanced monitoring by the exchange
  • Progressive stages (I, II, III, etc.) with increasing restrictions

Securities Added to ESM (Stage I)

  1. Gilada Finance & Investments Ltd (Scrip Code: 538788, ISIN: INE918C01029)
  2. South West Pinnacle Exploration Ltd (Scrip Code: 543986, ISIN: INE980Y01015) - As per NSE

Securities Moved to Higher ESM Stages

  1. Bansisons Tea Industries Ltd (Scrip Code: 519353, ISIN: INE856E01019)
  2. Gujarat Raffia Industries Ltd (Scrip Code: 523836, ISIN: INE610B01024) - As per NSE
  3. Sarup Industries Ltd (Scrip Code: 514412, ISIN: INE305D01019)
  4. Sizemasters Technology Ltd (Scrip Code: 513496, ISIN: INE235U01012)
  5. Typhoon Financial Services Ltd (Scrip Code: 539468, ISIN: INE761R01013)

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements for affected securities
  • Enhanced due diligence required for client orders in ESM securities
  • Clients should be informed about ESM status and associated restrictions
  • Brokers must adhere to any additional margin or position limit requirements

Important Dates

  • Effective Date: December 2, 2025 - All ESM changes come into effect

Impact Assessment

Market Impact: Medium - The addition and escalation of securities in ESM framework will result in increased trading restrictions and scrutiny for the affected stocks. Investors in these securities may face reduced liquidity and additional compliance requirements.

Investor Impact: Traders and investors holding positions in the 7 affected securities should be aware of enhanced surveillance measures, which may include stricter price bands, reduced order sizes, and additional margin requirements.

Operational Impact: Trading members must update their systems and processes to reflect the new ESM classifications and ensure appropriate client communications regarding trading restrictions on these securities.

Impact Justification

Routine surveillance update affecting 7 securities with trading restrictions; important for traders of affected stocks but limited broader market impact